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MyCoin Exchange Disappears with Up To $387 Million, Reports Claim

By Ilene
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Follow up from yesterday's Just the latest Bitcoin scam.

Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim

Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds.

If true, the supposed losses are a staggering amount, although this estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($129,000) each.

For perspective, bitcoin's entire market cap today stands at around USD$3bn.

The issue came to light on Friday when about 30 people claiming to be victims of the company's actions petitioned a local member of the Legislative Council, Leung Yiu-chung.

The victims are reportedly due to make a statement to Hong Kong police on Wednesday.

Keep reading MyCoin Exchange Disappears with Up To $387 Million, Reports Claim.

Picture via Geralt at Pixabay.

 

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